EUR/GBP focus now shifted to 0.7847 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the European cross now focus on the mid-0.7800s.

Key Quotes

“EUR/GBP remains under pressure following its recent reversal from target. It has sold off to below support at .7927, the February high, to the five month support line at .7909”.

“Once slipped through, the 55 day moving average at .7847 will be in focus”. 

“We view the currency pair as having topped at .8116 and expect it to decline over the next few weeks”.